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Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
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Name : |
CRES INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Damac Smart
Heights, Suite 2011, Tecom, P O Box 215056, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.04.2012 |
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Com. Reg. No.: |
1094688, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of general foodstuffs and textiles |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates ECONOMIC OVERVIEW
The UAE has an open
economy with a high per capita income and a sizable annual trade surplus.
Successful efforts at economic diversification have reduced the portion of GDP
based on oil and gas output to 25%. Since the discovery of oil in the UAE more
than 30 years ago, the country has undergone a profound transformation from an
impoverished region of small desert principalities to a modern state with a
high standard of living. The government has increased spending on job creation
and infrastructure expansion and is opening up utilities to greater private
sector involvement. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, tight international credit, and deflated asset prices
constricted the economy in 2009. UAE authorities tried to blunt the crisis by
increasing spending and boosting liquidity in the banking sector. The crisis
hit Dubai hardest, as it was heavily exposed to depressed real estate prices.
Dubai lacked sufficient cash to meet its debt obligations, prompting global
concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
|
Source : CIA |
Company Name : CRES INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 30th April 2012
Commercial Registration Number : 1094688, Dubai
Trade Licence Number : 669771
Chamber Membership Number : 205246
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 10
Activities : Distributors of general foodstuffs and textiles.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Nasrin Saloogee, Marketing Executive
CRES INTERNATIONAL
GENERAL TRADING LLC
Registered &
Physical Address
Location : Damac Smart Heights, Suite 2011,
Tecom
PO Box : 215056
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4214775
Facsimile : (971-4) 4214776
Email : maketing@cres-international.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Ellahi
Mohamed Anwer Buksh Pakistani Managing
Director
·
Farooq
Fateh Ullah Kundi Pakistani Director
·
Fatehullah
Mohamed Alamgir Khan Kundi Pakistani Director
·
Khashif
Rafiq Ahmed Pakistani Director
·
Hassan
Abdulhussain Mohsen Jawad Sajwani Emirati Director
·
Nasrin
Saloogee - Marketing
Executive
Date of Establishment : 30th
April 2012
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1094688,
Dubai
Trade Licence No. : 669771
(Expires 29/04/2013)
Chamber Member No. : 205246
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Hassan
Abdulhussain Mohsen Jawad Sajwani 51%
·
Ellahi
Mohamed Anwer Buksh ]
]
·
Farooq
Fateh Ullah Kundi ]
] 49%
·
Fatehullah
Mohamed Alamgir Khan Kundi ]
]
·
Khashif
Rafiq Ahmed ]
·
Capital
One Shipping & Logistic LLC
Dubai
Tel: (971-4) 4214775
Fax: (971-4) 4214776
Activities: Engaged in the import and distribution of
general foodstuffs and textiles.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 10 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel:
(971-4) 2535000
No complaints
regarding subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
UK Pound |
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.